Tuesday's Analysts' Upgrades and Downgrades

Who made what calls.
Author:
Publish date:

CHANGE IN RATINGS

Apple

(AAPL) - Get Report

numbers raised at UBS: AAPL numbers raised at UBS. Raises price target to $108 from $95. Ups 2007 EPS estimates to $2.84 from $2.75 and 2008 estimates to $3.35 from $3.15. Reiterates Buy rating.

Acuity Brands

(AYI) - Get Report

downgraded at Baird:AYI was downgraded from Outperform to Neutral at Robert Baird. $51 price target. Current valuation is already pricing in strong non-residential construction market and margin expansion strategy.

Quicksilver Resources

(KWK)

upgraded at Goldman Sachs: Goldman is upgrading KWK to Buy from Neutral due to attractive valuation relative to opportunity in Barnett Shale. See upcoming analyst meetings with EOG Resources, XTO Energy and Quicksilver providing greater detail on Barnett. Target price at $49.

New York Times

(NYT) - Get Report

downgraded at Citigroup: NYT was downgraded from Hold to Sell at Citigroup. More readers continue to move toward the Internet, and the company is running out of places to cut costs on the print side. Also do not believe that NYT will likely be sold by the Sulzberger family.

Palm

(PALM)

downgraded at Merrill: PALM was downgraded from Buy to Neutral at Merrill Lynch. Company warned again this quarter, citing price competition for smartphones.

Palm

(PALM)

target price lowered at Credit Suisse: Credit Suisse is lowering its target price on PALM to $16 from $17 after company lowered F2Q guidance. Maintained Neutral rating.

Sirf

(SIRF)

upgraded at Morgan Stanley: Morgan Stanley upgrades SIRF Technologies from underweight to equalweight and raises 2007/2008 EPS estimates.

Southwestern Energy

(SWN) - Get Report

downgraded at Goldman Sachs: Goldman is downgrading SWN to Neutral from Buy based on relative valuation. See greater opportunity in Quicksilver Resources, which was upgraded today. Maintained $45 price target.

TransCanada

(TRP) - Get Report

upgraded at Credit Suisse: Credit Suisse is upgrading TRP to Outperform from Neutral. Sees multiple expansion based on several catalysts. Raised target price to $45 from $36.

Jefferies initiates coverage on

MEMC Electronic Materials

(WFR)

: WFR initiated with Buy rating and $54.00 price target at Jefferies.

STOCK COMMENTS / EPS CHANGES

Airgas

(ARG)

price target increased at Goldman: Goldman is raising its price target on ARG to $44 from $43 after company signed agreement to acquire 8 ASUs and related bulk gas business from Linde. See higher margins and reasonable valuation on assets. Maintained Neutral rating.

McGraw-Hill

(MHP)

target upped at Merrill: MHP target boosted to $71 a share at Merrill Lynch. Company could exceed estimates this quarter, led by a seasonally strong period for structured finance. Buy rating.

NeuStar

(NSR)

numbers lowered at Jefferies: Jefferies lowers NSR 2007 EPS estimates to $1.07 from $1.13 and drops price target to $36.00 from $37.00. Reiterates Buy rating.

STRATEGY CALLS / MARKET CALLS

2 Radio stocks downgraded at Citigroup: Citigroup downgraded CXR and CMLS from Hold to Sell. LBO optimism has driven valuations higher across the entire industry, but these two companies are not likely to be sellers.

3 Utilities downgraded at Baird:Robert Baird downgraded FPL, OTTR and PGN from Outperform to Neutral. Stocks are already pricing in strong fundamentals, which should continue into the new year.

Morgan Stanley initiates coverage of several retailers:Morgan Stanley initiates coverage on several retailers, including Ralph Lauren (Overweight), UnderArmour (Underweight) and VF Corp (Overweight).